Good morning: Banks are to be banned from charging customers a fixed daily or monthly fee for using their overdraft under significant new rules proposed by the City regulator. Customers should only pay a “simple, single interest rate” for using their overdraft with no fixed charges, the Financial Conduct Authority announced this morning. This means an end to daily and monthly charges for being overdrawn on your bank account but also the end of penalty charges for using an unarranged overdraft or going over previously agreed limits with lenders. Andrew Bailey, chief executive of the FCA, said that the proposals represented the “biggest intervention in the overdraft market for a generation”. He added: “These changes would provide greater protection for the millions of people who…

Source: The Times December 18, 2018 09:00 UTC